Comprehensive Annual Financial ReportOctober 2015 Accountant Jason Griffith January 2012 Operations...

Comprehensive Annual Financial Report

Fiscal Year Ended

April 30, 2016

An Intergovernmental Cooperative

of the City of Prospect Heights, IL

and the Village of Wheeling, IL

CHICAGO EXECUTIVE AIRPORT Prospect Heights, Illinois

Wheeling, Illinois

COMPREHENSIVE ANNUAL FINANCIAL REPORT

For the Year Ended April 30, 2016

Prepared by:

Scott Campbell

Chief Financial Officer

CHICAGO EXECUTIVE AIRPORT

TABLE OF CONTENTS

Page(s)

INTRODUCTORY SECTION

Organizational Chart ..................................................................................................... i

Board of Directors ......................................................................................................... ii

Airport Management ..................................................................................................... iii

Certificate of Achievement for Excellence in Financial Reporting .............................. iv

Transmittal Letter .......................................................................................................... v-viii

FINANCIAL SECTION

INDEPENDENT AUDITOR’S REPORT .................................................................... 1-3

GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS

Management's Discussion and Analysis .................................................................. MD&A 1-6

Basic Financial Statements

Statements of Net Position .................................................................................. 4-5

Statements of Revenues, Expenses and Changes in Net Position ....................... 6

Statements of Cash Flows ................................................................................... 7-8

Notes to Financial Statements ............................................................................. 9-21

SUPPLEMENTAL INFORMATION

Schedules of Revenues, Expenses and Changes in Net Position -

Alternative Presentation ......................................................................................... 22

Schedules of Administrative Expenses .................................................................... 23

Schedules of Maintenance Expenses ....................................................................... 24

STATISTICAL SECTION

Financial Trends

Net Position and Changes in Net Positions - Last Ten Fiscal Years ........................ 25-26

Changes in Cash and Cash Equivalents - Last Ten Fiscal Years ............................. 27-28

Revenue Capacity

Principal Revenue Sources - Last Ten Fiscal Years ................................................. 29-30

Principal Revenue Payers - Lease Payments and Fuel Flowage Fees ...................... 31

Revenue Rates - Last Ten Fiscal Years .................................................................... 32-33


TABLE OF CONTENTS (Continued)

Page(s)

STATISTICAL SECTION (Continued)

Debt Capacity

Ratios of Outstanding Debt - Last Ten Fiscal Years ................................................ 34-35

Pledged Revenue Coverage - Last Ten Fiscal Years ................................................ 36-37

Demographic and Economic Information

Airport Tenants and Through-the-Fence Operators ................................................. 38-39

Airport Business Employers and Their Expenses .................................................... 40

Full-Time Equivalent Airport Employees by Function - Last Ten Fiscal Years ...... 41

Operating Information

Principal Employers of the Village of Wheeling ..................................................... 42

Schedule of Capital Contributions ........................................................................... 43

Schedule of Property Tax Data - Last Ten Fiscal Years .......................................... 44

Miscellaneous Statistical Data - Last Ten Fiscal Years ........................................... 45

Schedule of Based Aircraft Types and U.S. Customs Arrival Clearances ............... 46

INTRODUCTORY SECTION

- i -

Chicago Executive Airport

Organizational Chart

Operations Coordinator

Lead

Maintenance

Worker

Maintenance

Staff (5)

Seasonal

Staff (4)

City of

Prospect Heights

Mayor and City Council

Executive

Secretary

Chief Financial Officer

Village of

Wheeling

President and Trustees

Chicago

Executive

Airport Board of Directors

Assistant

Director

Administrative

Assistant

Management

Intern

Accountant

Executive

Director

- i -

- ii -

Chicago Executive Airport – Board of Directors April 30, 2016

John D. Tourtelot

Chairman

Wheeling Directors

David Kolssak

Neal Katz

Secretary

Ray Lang

Prospect Heights Directors

Elizabeth F. Cloud

Vice Chairman

William J. Kearns

Treasurer

James Kiefer

- iii -


AIRPORT MANAGEMENT

April 30, 2016

Airport Management

Executive Director Jamie Abbott

August 2004

Assistant Director Vacant

Chief Financial Officer Scott Campbell

February 2014

Executive Secretary Vacant

Administrative Assistant Elizabeth Makowski

October 2015

Accountant Jason Griffith

January 2012

Operations Coordinator Andrew Wolanik

December 2015

Assistant Operations Coordinator Bryce Walter

January 2016

Maintenance Lead Joseph Wargo

May 1990

Maintenance Operators (5) Rick Hervas June 2004

Norman Mackey December 2007

Robert Maki March 2013

Andrew McPhee January 2014

Erik Frentz January 2016

- iv -

FINANCIAL SECTION

- 1 -

INDEPENDENT AUDITOR’S REPORT

The Honorable Chairman

Chicago Executive Airport Directors

Prospect Heights, Illinois

Wheeling, Illinois

We have audited the accompanying financial statements of the Chicago Executive Airport (the

Airport) as of and for the years ended April 30, 2016 and 2015, and the related notes to financial

statements which collectively comprise the Airport’s basic financial statements, as listed in the

table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We

conducted our audit in accordance with auditing standards generally accepted in the United

States of America and the standards applicable to financial audits contained in Government

Auditing Standards, issued by the Comptroller General of the United States. Those standards

require that we plan and perform the audit to obtain reasonable assurance about whether the

financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and

disclosures in the financial statements. The procedures selected depend on the auditor’s

judgment, including the assessment of the risks of material misstatement of the financial

statements, whether due to fraud or error. In making those risk assessments, the auditor considers

internal control relevant to the Airport’s preparation and fair presentation of the financial

statements in order to design audit procedures that are appropriate in the circumstances, but not

for the purpose of expressing an opinion on the effectiveness of the Airport’s internal control.

Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness

of accounting policies used and the reasonableness of significant accounting estimates made by

management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

- 1 -

- 1 -

Opinions In our opinion, the financial statements referred to above present fairly, in all material respects,

the financial position of the Chicago Executive Airport, as of April 30, 2016 and 2015, and the

respective changes in financial position and cash flows for the years then ended in conformity

with accounting principles generally accepted in the United States of America.

Change in Accounting Principle

The Airport adopted GASB Statement No. 68, Accounting and Financial Reporting for

Pensions, which established standards for measuring and recognizing liabilities and expenses and

modified certain disclosures in the notes to financial statements. Our opinion is not modified

with respect to this matter.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the

management’s discussion and analysis be presented to supplement the basic financial statements.

Such information, although not a part of the basic financial statements, is required by the

Governmental Accounting Standards Board, who considers it to be an essential part of financial

reporting for placing the basic financial statements in an appropriate operational, economic or

historical context. We have applied certain limited procedures to the required supplementary

information in accordance with auditing standards generally accepted in the United States of

America, which consisted of inquiries of management about the methods of preparing the

information and comparing the information for consistency with management’s responses to our

inquiries, the basic financial statements, and other knowledge we obtained during our audit of the

basic financial statements. We do not express an opinion or provide any assurance on the

information because the limited procedures do not provide us with sufficient evidence to express

an opinion or provide any assurance.

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that

collectively comprise the basic financial statements of the Airport. The introductory section,

supplemental information and statistical section are presented for purposes of additional analysis

and are not a required part of the basic financial statements.

The supplemental information is the responsibility of management and was derived from and

relates directly to the underlying accounting and other records used to prepare the basic financial

statements. Such information has been subjected to the auditing procedures applied in the audit

of the basic financial statements and certain additional procedures, including comparing and

reconciling such information directly to the underlying accounting and other records used to

prepare the basic financial statements or to the basic financial statements themselves, and other

additional procedures in accordance with auditing standards generally accepted in the United

States of America. In our opinion, the supplemental information is fairly stated, in all material

respects, in relation to the basic financial statements as a whole.

- 2 -

- 2 -

The introductory and statistical information listed in the table of contents was not audited by us,

and accordingly, we do not express an opinion thereon.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued a report dated

October 17, 2016 on our consideration of the Airport’s internal control over financial reporting

and our tests of its compliance with certain provisions of laws, regulations, contracts and grant

agreements and other matters. The purpose of that report is to describe the scope of our testing of

internal control over financial reporting and compliance and the results of that testing and not to

provide an opinion on the internal control over financial reporting or on compliance. That report

is an integral part of an audit performed in accordance with Government Auditing Standards in

considering the Airport’s internal control over financial reporting and compliance.

Naperville, Illinois

October 17, 2016

- 3 -

GENERAL PURPOSE EXTERNAL

FINANCIAL STATEMENTS

MD&A 1

Management’s Discussion and Analysis

The management of Chicago Executive Airport offers readers of our financial statements the following

narrative overview and analysis of our financial activities for the year ended April 30, 2016. The

following information should be considered along with additional information contained in our letter of

transmittal found on pages v-viii of this report.

Basic Financial Statements

Our basic financial statements are prepared using proprietary fund (enterprise fund) accounting that uses

the same basis of accounting as private-sector business enterprises. The Airport is operated under one

enterprise fund, the Joint Airport Fund. Under this method of accounting an economic resources

measurement focus and an accrual basis of accounting is used. Revenue is recorded when earned and

expenses are recorded when incurred. The basic financial statements include a statement of net assets, a

statement of revenues, expenses, and changes in net assets, and a statement of cash flows. These are

followed by notes to the financial statements. In addition to the basic financial statements, this report also

contains required supplementary information and a statistical section that are useful in understanding the

overall operations of the Airport.

The statement of net assets presents information on the assets and liabilities, with the difference between

the two reported as net assets. Over time, increases or decreases in net assets may serve as a useful

indicator of whether the financial position of the Airport is improving or deteriorating.

The statement of revenues, expenses, and changes in net assets reports the operating revenues and

expenses and nonoperating revenue and expenses of the Airport for the fiscal year with the difference –

the net income or loss – being combined with any capital contributions to determine the net change in

assets for fiscal year. That change, combined with last year-end’s net asset total, reconciles to the net asset

total at the end of this fiscal year.

The statement of cash flows reports cash and cash equivalent activities for the fiscal year resulting from

operating activities, capital and related financing activities, and investing activities. The net result of these

activities added to the beginning of the year cash balance reconciles to the cash and cash equivalent

balance at the end of the current fiscal year. Contrary to the other basic financial statements, this

statement is prepared on a cash basis.

Financial Highlights

Assets exceeded liabilities by $91,125,302 (total net position) at the close of the fiscal year. Of

this amount, $414,194 is unrestricted but designated for future sewer repairs, $774,836 is

unrestricted but designated for the Capital Equipment Reserve Fund (CERF) and $120,158 is

unrestricted but designated for building improvements in the Building Reserve Fund, newly

established in FY16. $1,359,924 is unrestricted and available to meet ongoing and future

obligations of the Airport including its share of capital projects.

Total Net Position decreased $1,323,160. This is partially a function of how assets are being

moved from Improvements in Progress, a non-depreciating category, to Infrastructure and Airport

Improvements which are depreciable.

Operating income before depreciation and amortization is $1,182,416, a decrease of $113,419 or

8.8% from the prior year. Revenues actually increased by $49,937 in 2016. Operating Expenses

also increased causing the decrease in Operating Revenue.

Net operating loss, after depreciation and amortization, is $1,792,680, an increase of $122,826 or

7.4% from the prior year operating loss.

The Statement of Cash Flows identifies the sources and uses of cash activity for the fiscal year.

Cash and cash equivalents increased a net of $1,149,906 for the year.

MD&A 2

Financial Information

Net Assets: The following schedule presents a summary of net asset comparisons for the fiscal years

ended April 30, 2016, 2015 and 2014;

April 30, April 30, April 30,

2016 2015 2014

Current and other assets 4,714,964$ 3,184,720$ 2,952,015$

Capital assets 92,688,379 94,195,370 95,744,905

Total assets 97,403,343 97,380,090 98,696,920

Current liabilities 1,135,632 924,465 1,191,474

Long-term liabilities 5,142,409 4,007,163 4,481,334

Deferred Inflows of Resourses 1,771,650 309,167 344,167

Net position:

Invested in capital assets 89,031,839 90,222,064 91,316,984

Unrestricted 2,093,463 2,226,398 1,707,128

Total net position 91,125,302 92,448,462 93,024,112

The largest portion of the Airport’s net position, $89,031,839, is invested in capital assets (e.g., land,

buildings, equipment, infrastructure and improvements). Outstanding debt in the amount of $3,656,540 is

attributable to these assets, of which $308,736 is considered current and $3,347,804 a long-term liability.

The Airport’s capital assets represent land, hangar space, taxiways, runways, and equipment. These are

maintained for airport users and fixed-base operators, the latter who provide services to aircraft owners.

A new Net Position sub category was started in FY16: Unrestricted, Designated for Future Building

Improvements or Replacement. Its balance at year-end FY16 is $120,158. The intent of this reserve, like

other sub reserves the airport has, is to smooth the annual budget impact of replacing or improving

various airport buildings. This will help to alleviate significant unusual budget expenditures in any one

year.

The Net Position sub category started in FY13: Called the Capital Equipment Reserve Fund (CERF), is

unrestricted, and designated for future capital equipment replacement. Its balance at year-end FY16 is

$774,836. This reserve’s intent is also to smooth the annual budget impact of replacing various airport

equipment.

The Airport also has a Sewer Replacement reserve and its balance at the end of FY16 is $414,194. These

are the funds set aside in the Airport’s Sewer Reserve Fund for future repairs to the sewer system. The

remaining unrestricted net position of $1,359,924 represent resources available to meet both the Airport’s

current and capital obligations. One primary use of these assets is to provide for the Airport’s share of

capital project costs, most of which have grant funding for up to 95% federal and state funds.

Current liabilities have increased $211,167 in FY16.

MD&A 3

Revenue: This Chart shows the major sources of operating revenue for the year ended April 30, 2016

The following schedule presents a summary of revenues for the fiscal years ended April 30, 2016, 2015

and 2014: April 30, April 30, April 30,

2016 2015 2014Operating revenues

Long-term leases* 2,210,835$ 2,254,157$ 2,257,610$ T-hangar revenues 366,643 358,483 367,680 Tiedown fees 31,974 31,750 31,501 Fuel flowage fees 801,728 707,941 659,072 Permit fees 90,662 82,971 42,986 U.S. Customs Service 294,077 306,857 284,850 Other 165,213 141,737 329,072 Late charges 2,981 6,870 2,719

Total operating revenues 3,964,113 3,890,766 3,975,490

Nonoperating revenuesInvestment income 6,352 6,591 7,267 Other Income 4,100 - 2,967 Sewer Assessments 27,002 54,273 200,164

Total revenues 4,001,567$ 3,951,630$ 4,185,888$

*Long-term leases are leases with an original term of more than one year.

This past year, operating revenues increased by $73,347, or 1.9%. Long-term leases decreased slightly by

$43,322, or 1.9%. T-hangar revenue has increased due to increased occupancy; fuel flowage fees

increased by $93,787, or 13.2% due to increased flight activity; and U.S. Customs fees decreased

$12,780. We had no new tenant development this year so the sewer assessments this year are regular

sewer maintenance charges we charge our tenants. Investment income continues to decline due to the low

interest rate environment and reduced investable reserves.

MD&A 4

Expenses: The following chart shows the major categories of operating expenses for the year ended

April 30, 2016:

The following schedule presents a summary of expenses for the fiscal years ended April 30, 2016, 2015

and 2014:


2016 2015 2014

Operating expenses

Administration & Finance 1,386,781$ 1,405,827$ 1,699,624$

Operations & Maintenance 1,394,916 1,189,104 1,239,415

Total operating expenses 2,781,697 2,594,931 2,939,039

Other expenses

Depreciation 974,794 966,287 892,635

Depreciation on contributed

capital assets 1,986,078 1,985,178 1,728,886

Amortization 14,224 14,224 37,286

Interest expense 137,450 188,072 199,680

Other expense

Loss on sale of capital assets - - 2,967

Total other expenses 3,112,546 3,153,761 2,861,454

Total expenses 5,894,243$ 5,748,692$ 5,800,493$

Total operating expenses decreased from last year by $186,766 or 7.2%. In the Administration & Finance

department, expenses decreased by $19,046, or 1.4%. Much of this difference is found in the Personnel

Services section which shows an approximate $40,000 decrease. The Contractual Services category is up

approximately $36,000. Commodities expense is about $10,000 over FY15 but the Other expense

category has decreased around $20,000 due to reduced NBAA expenses from FY15.

In the Operations & Maintenance department, total expenses increased $205,812, or 17.3%. Personnel

Services are under last year by $27,000 and Contractual Services are under FY15 by approximately

$96,000. This is due to a large amount of waste which was removed in FY15 that was not necessary in

FY16. Detailed operating expense schedules can be found in the Supplementary Information Section of

this report.

MD&A 5

Other expenses – depreciation on contributed capital assets and amortization has increased slightly over

the past years due to new projects being completed and placed in service. For the Airport, this required

presentation of depreciation on contributed capital assets is awkward and burdensome when one considers

most of our capital expenses are from federal and state grants which are shown separately on our financial

statements. Without those grants, the Airport would not be able to acquire the capital assets that were

funded.

Additionally, interest expense decreased by $50,622 or 26.9% from FY15. The primary reason for this

decrease is the reduction in interest rates on borrowings secured by staff this past year and continued

retirement of principal along with no new debt issued during the year. Investment income remained

basically flat, decreasing $239 or 3.6%, due to the continuing low return on investments and reduced

funds available for investing.

Capital Assets: During FY16, the Airport expended a net of $1,437,907 on capital assets. The major

items are improvements in progress consisting of EMAS beds at both the north & south ends of runway

16/34, and ramp improvements to the East Quadrant of the airfield. EMAS will increase the safety of the

main runway and the East Quad improvement is the filling in of grass areas on the ramp to allow easier

aircraft movement. A summary of changes in capital assets is found in Note 3 to the financial statements.

Other Financial Results: The following schedule presents a summary of other pertinent financial data

for the fiscal years ended April 30, 2016, 2015 and 2014:


2016 2015 2014

Net (Loss) Before Contributions (1,892,676)$ (1,797,062)$ (1,611,638)$

Capital Contributions 569,516 1,221,412 879,744

Change in Net Position (1,323,160) (575,650) (731,894)

Net Position, May 1 92,448,462 93,024,112 93,900,768

Prior Period Adjustment - - (144,762)

Net Position, May 1 (RESTATED) - - 93,756,006

Net Position, April 30 91,125,302 92,448,462 93,024,112

Contributions of capital items increased by $651,896 to $569,516. The contributions for capital items

come from Federal and State grants for the various airport projects. This funding varies greatly year-to-

year as projects are completed. The decrease in net assets of $(1,323,160) is primarily driven by

depreciation of contributed capital assets that reduces the invested in capital assets total.

Long-Term Debt: Currently, the Airport has three long-term debts outstanding with a remaining

principal balance as of April 30, 2016 of $3,656,540. The first, $688,534, represents an outstanding

balance for a loan taken out in January 2005 to finance the construction of the SW T-hangars and

taxiway; the second, $1,268,859, is the note balance for a refinance of a prior loan for land acquisition;

and the third, $1,699,147, is a note for constructing the northeast quadrant T-hangars, which opened in

November 2010. Details of these outstanding loans and notes payable can be found in Note 4, Long-

Term Debt, found in this report.

MD&A 6

Requests for Information: The financial report is intended to provide an overview of the finances of

Chicago Executive Airport for those with an interest in this organization. Questions concerning any

information contained in this report may be directed to the Chicago Executive Airport, 1020 Plant Road,

Wheeling, Illinois 60090, attention: Chief Financial Officer.

2016 2015

CURRENT ASSETS

Cash and cash equivalents 3,837,380$ 2,687,474$

Investments 269,687 159,616

Receivables

Accounts (net of allowance of uncollectibles) 453,188 163,548

Prepaid insurance 109,647 115,025

Other current assets 45,062 59,057

Total current assets 4,714,964 3,184,720

NONCURRENT ASSETS

Capital assets

Capital assets, not being depreciated

Land 62,890,925 62,890,925

Airport improvements in progress 3,384,365 2,163,171

Total capital assets, not being depreciated 66,275,290 65,054,096

Capital assets, being depreciated

Buildings and building improvements 5,915,261 5,915,261

Infrastructure 52,470,731 52,368,138

Improvements 3,589,444 3,589,444

Vehicles and equipment 3,129,467 3,015,347

Other assets 142,243 142,243

Total capital assets, being depreciated 65,247,146 65,030,433

Accumulated depreciation (38,834,057) (35,889,159)

Net capital assets, being depreciated 26,413,089 29,141,274

Net capital assets 92,688,379 94,195,370

Total noncurrent assets 92,688,379 94,195,370

Total assets 97,403,343 97,380,090


STATEMENTS OF NET POSITION

April 30, 2016 and 2015

(This statement is continued on the following page.)- 4 -

2016 2015

CURRENT LIABILITIES

Accounts payable 604,229$ 252,907$

Security deposits 123,490 121,064

Accrued wages 15,561 13,570

Compensated absences payable 4,963 11,320

Unearned rent 22,727 199,368

Unearned revenue - access agreement 45,455 17,500

Loans payable 67,195 56,724

Notes payable 252,012 252,012

Total current liabilities 1,135,632 924,465

LONG-TERM LIABILITIES

Unearned revenue - access agreement 1,771,650 309,167

Loans payable 621,339 696,564

Notes payable 2,715,994 2,968,006

Compensated absences payable 33,426 33,426

Total long-term liabilities 5,142,409 4,007,163

Total liabilities 6,278,041 4,931,628

NET POSITION

Net investment in capital assets 89,031,839 90,222,064

Unrestricted 2,093,463 2,226,398

TOTAL NET POSITION 91,125,302$ 92,448,462$

STATEMENTS OF NET POSITION (Continued)

April 30, 2016 and 2015


See accompanying notes to financial statements.- 5 -

2016 2015

OPERATING REVENUES

Long-term leases 2,210,835$ 2,254,157$

T-hangar revenue 366,643 358,483

Tie-down fees 31,974 31,750

Fuel flowage fees 801,728 707,941

Permit fees 90,662 82,971

U.S. Custom Service 294,077 306,857

Other 165,213 141,737

Late charges 2,981 6,870

Total operating revenues 3,964,113 3,890,766

OPERATING EXPENSES

Administrative 1,386,781 1,405,827

Maintenance 1,394,916 1,189,104

Total operating expenses 2,781,697 2,594,931

OPERATING INCOME BEFORE

DEPRECIATION AND AMORTIZATION 1,182,416 1,295,835

DEPRECIATION AND AMORTIZATION

Depreciation 974,794 966,287

Depreciation on contributed capital assets 1,986,078 1,985,178

Amortization 14,224 14,224

Total depreciation and amortization 2,975,096 2,965,689

OPERATING INCOME (LOSS) (1,792,680) (1,669,854)

NON-OPERATING REVENUES (EXPENSES)

Investment income 6,352 6,591

Interest expense (137,450) (188,072)

Sewer assessments 27,002 54,273

Gain on sale of capital asset 4,100 -

Total non-operating revenues (expenses) (99,996) (127,208)

NET INCOME (LOSS) BEFORE CAPITAL CONTRIBUTIONS

AND GRANTS (1,892,676) (1,797,062)

Capital contributions and grants 569,516 1,221,412

CHANGE IN NET POSITION (1,323,160) (575,650)

NET POSITION, MAY 1 92,448,462 93,024,112

NET POSITION, APRIL 30 91,125,302$ 92,448,462$


STATEMENTS OF REVENUES, EXPENSES AND CHANGES IN NET POSITION

For the Years Ended April 30, 2016 and 2015


2016 2015

CASH FLOWS FROM OPERATING ACTIVITIES

Receipts from customers and users 4,962,741$ 3,835,355$

Payments to suppliers (1,738,435) (1,586,475)

Payments to employees (1,184,109) (1,275,152)

Net cash from operating activities 2,040,197 973,728

CASH FLOWS FROM NONCAPITAL

FINANCING ACTIVITIES

None - -

Net cash from noncapital financing activities - -

CASH FLOWS FROM CAPITAL AND RELATED


Capital contributions - grants 569,516 1,221,412

Acquisition and construction of capital assets (943,445) (1,556,154)


Disposal of capital assets 4,100 -

Interest paid on loan (137,450) (188,072)

Principal paid on loan (306,295) (454,615)

Net cash from capital and related

financing activities (786,572) (923,156)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of investments (110,071) -

Sale of investments - 195,007

Interest received on deposits 6,352 6,591

Net cash from investing activities (103,719) 201,598

NET INCREASE IN CASH AND

CASH EQUIVALENTS 1,149,906 252,170

CASH AND CASH EQUIVALENTS, MAY 1 2,687,474 2,435,304

CASH AND CASH EQUIVALENTS, APRIL 30 3,837,380$ 2,687,474$


STATEMENTS OF CASH FLOWS


(This statement is continued on the following page.)- 7 -

2016 2015

RECONCILIATION OF OPERATING INCOME (LOSS)

TO NET CASH FROM OPERATING ACTIVITIES

Operating income (loss) (1,792,680)$ (1,669,854)$

Adjustments to reconcile operating income (loss) to net

cash from operating activities


Depreciation on contributed capital assets 1,986,078 1,985,178


Changes in assets and liabilities

Accounts receivable (289,640) (72,357)

Prepaid insurance 5,378 (42,021)

Other current assets 13,995 46,360

Accounts payable (155,854) (252,907)

Security deposits 2,426 2,827

Accrued wages 1,991 (23,549)

Compensated absences payable (6,357) 5,421

Unearned rent (176,641) 31,619

Unearned revenue - access agreement 1,462,483 (17,500)

NET CASH FROM OPERATING ACTIVITIES 2,040,197$ 973,728$

SUPPLEMENTAL DISCLOSURE OF NONCASH

CAPITAL AND RELATED FINANCING

ACTIVITIES - CONTRIBUTED CAPITAL ASSETS 44,856$ 879,744$

STATEMENTS OF CASH FLOWS (Continued)





NOTES TO FINANCIAL STATEMENTS

April 30, 2016 and 2015

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The Palwaukee Municipal Airport Commission was created on February 26, 1985 pursuant

to Chapter 24, Paragraph 11-103-1 of the Illinois Compiled Statutes (ILCS), to organize,

operate and maintain the airport as a public general aviation facility. The name was

changed to Chicago Executive Airport (the Airport) in August 2006. The Airport is an

intergovernmental cooperative created under Illinois law to allow the City of Prospect

Heights, Illinois and the Village of Wheeling, Illinois (collectively, the Municipalities)

joint ownership and administration of the Airport. The Municipalities account for the

Airport as a proprietary joint venture.

The Municipalities have entered into agreements with the Federal Aviation Administration

of the United States of America and the State of Illinois to sponsor projects for the

acquisition and development of the Airport. Although assets are legally held in the name of

the Municipalities, such assets are recorded in the Airport’s financial statements to present

the overall financial position and operations of the Airport. Airport revenues are solely

restricted to funding airport development and airport maintenance expenses. The duration

of the Airport shall be for the term of 20 years or the useful life of the Airport, whichever

is longer, unless sooner terminated and dissolved by mutual agreement of the

Municipalities or by operation of law.

The financial statements of the Airport have been prepared in conformity with accounting

principles generally accepted in the United States of America, as applied to government

units (hereinafter referred to as generally accepted accounting principles (GAAP)). The

Governmental Accounting Standards Board (GASB) is the accepted standard-setting body

for establishing governmental accounting and financial reporting principles. The more

significant of the Airport’s accounting policies are described below.

a. Reporting Entity

Effective 2014, the Airport adopted the provisions of GASB Statement No. 61, The

Financial Reporting Entity. As defined by generally accepted accounting principles

established by GASB, the financial reporting entity consists of the primary

government, as well as its component units, which are legally separate organizations

for which the following three criteria exist:

1) The economic resources received or held by the separate organization are

entirely or almost entirely for the direct benefit of the primary government, its

component units or its constituents.

- 9 -


NOTES TO FINANCIAL STATEMENTS (Continued)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

a. Reporting Entity (Continued)

2) The potential component unit provides a financial benefit or imposes a

financial burden on the primary government.

3) The economic resources received or held by an individual organization that the

specific primary government or its component units, is entitled to or has the

ability to otherwise access, are significant to that primary government.

The accompanying financial statements represent the Airport (the primary

government) only since the Airport does not have component units. The Airport is

considered a joint venture of its owners, the Municipalities.

b. Basis of Accounting

The accounting policies for the Airport conform to generally accepted accounting

principles applicable to proprietary funds of governmental units. The financial

records of the Airport are maintained by utilizing the accrual basis of accounting.

Under this method, revenues are recorded when earned and expenses are recorded at

the time they are incurred.

The Airport’s financial statements are accounted for on a flow of economic resources

measurement focus. With this measurement focus, all assets and all liabilities

associated with the operation of these funds are included on the statement of net

position. Proprietary fund operating statements present increases (e.g., revenues) and

decreases (e.g., expenses) in net total assets.

Proprietary funds distinguish operating revenues and expenses from non-operating

items. Operating revenues and expenses generally result from providing services and

producing and delivering goods in connection with a proprietary fund’s principal

ongoing operations. The principal operating revenues of the Airport are charges to

customers for sales and rent. Operating expenses for the Airport include the cost of

sales and services, administrative expenses and depreciation on capital assets. All

revenues and expenses not meeting this definition are reported as non-operating

revenues and expenses.

c. Cash and Cash Equivalents

For purposes of the statement of cash flows, the Airport considers all highly liquid

investments with a maturity of three months or less when purchased to be cash

equivalents.

- 10 -




d. Investments

Investments are stated at fair value.

e. Receivables

Receivables, including the applicable allowance for uncollectible, accounts are as

follows:

2016 2015

Accounts receivable $ 459,188 $ 169,548

Allowance for uncollectible accounts (6,000) (6,000)

NET RECEIVABLES $ 453,188 $ 163,548

f. Prepaid Expenses

Payments made to vendors for services that will benefit periods beyond the date of

this report are recorded as prepaid expenses.

g. Capital Assets

Capital assets comprising buildings, office equipment, vehicles and airport

improvements are recorded at cost. All expenditures for equipment over $2,000 are

capitalized. If actual cost cannot be determined, estimated historical cost is used.

Donated capital assets are valued at their estimated fair value on the date donated.

Depreciation of capital assets has been provided for over the estimated useful lives

using the straight-line method. Estimated useful lives are as follows:

Years

Buildings and building improvements 10-30

Infrastructure 3-20

Improvements 3-20

Vehicles and equipment 3-20

Maintenance and repair expenses are charged to operating expense as incurred.

Significant betterments and improvements are capitalized and depreciated over their

estimated useful lives.

- 11 -




h. Federal and State Grant Contributions

Capital assets purchased with funds contributed by the federal and state governments

through Airport Improvement Grants are recorded at cost. For financial statement

presentation purposes, grant contributions are reported after net income as the

amount contributed by the federal and state governments. Note 6 contains

contributed capital asset detail.

i. Compensated Absences

Airport employees are granted vacation pay and sick leave in varying amounts. In

the event of termination, an employee is reimbursed for accumulated vacation time.

Accumulated unpaid sick leave is not paid to an employee in the event of

termination.

j. Operating Revenues and Direct Expenses

Direct expenses are those that are clearly identifiable with a specific function or

segment. Operating revenues include charges to customers or applicants who

purchase, use or directly benefit from goods, services or privileges provided by a

given function or segment. Grants and contributions that are of a particular function

or segment are reported as non-operating revenues or capital contributions.

k. Deferred Outflows/Inflows of Resources

The Airport adopted Governments Accounting Standards No. 63, Financial

Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources and

Net Position. GASB Statement No. 63 provides guidance for reporting deferred

outflows of resources, deferred inflows of resources and net position in a statement

of financial position and related disclosures.

In addition to assets, the statement of net position will sometimes report a separate

section for deferred outflows of resources. This separate financial statement element,

deferred outflows of resources, represents a consumption of net assets that applies to

a future period(s) and so will not be recognized as an outflow of resources

(expenses). In addition to liabilities, the statement of net position reports a separate

section for deferred inflows of resources. This separate financial statement element,

deferred inflows of resources, represents an acquisition of net assets that applies to a

future period(s) and so will not be recognized as an inflow of resources (revenue)

until that time. The Airport does not have any items that qualify for reporting in this

category.

- 12 -




l. Accounting Estimates

The preparation of financial statements in conformity with generally accepted

accounting principles requires management to make estimates and assumptions that

affect the reported amounts of assets and liabilities and disclosure of contingent

assets and liabilities at the date of the financial statements and the reported amounts

of revenues and expenditures/expenses during the reporting period. Actual results

could differ from those estimates.

2. DEPOSITS AND INVESTMENTS

a. Permitted Deposits and Investments

Statutes authorize the Airport to make deposits/invest in: insured commercial banks,

savings and loan institutions, obligations of the U.S. Treasury and U.S. agencies,

insured credit union shares, money market mutual funds with portfolios of securities

issued or guaranteed by the United States Government or agreements to repurchase

these same obligations, repurchase agreements, short-term commercial paper rated

within the three highest classifications by at least two standard rating services and

Illinois Funds.

Illinois Funds is an investment pool managed by the State of Illinois, Office of the

Treasurer, which allows governments within the state to pool their funds for

investment purposes. Illinois Funds is not registered with the SEC as an investment

company, but does operate in a manner consistent with Rule 2a7 of the Investment

Company Act of 1940. Investments in Illinois Funds are valued at Illinois Funds’

share price, which is the price at which the investment could be sold.

It is the policy of the Airport to invest its funds in a manner which will provide the

highest investment return with the maximum security while meeting the daily cash

flow demands of the Airport and conforming to all state and local statutes governing

the investment of public funds, using the “prudent person” standard for managing the

overall portfolio. The primary objectives of the policy are safety of principal,

liquidity, diversification, rate of return and public trust.

b. Deposits with Financial Institutions

Custodial credit risk for deposits with financial institutions is the risk that in the

event of bank failure, the Airport’s deposits may not be returned to it. The Airport’s

investment policy requires pledging of collateral for all bank balances in excess of

federal depository insurance, at an amount not less than 110% of the fair market

value of the funds secured, with the collateral held by the Airport or in safekeeping

with a third party or escrow agent and should be invested in either United States

Government securities or obligations of federal agencies.

- 13 -



2. DEPOSITS AND INVESTMENTS (Continued)

c. Investments

In accordance with its investment policy, the Airport limits its exposure to interest

rate risk by structuring the portfolio to provide liquidity for short and long-term cash

flow needs while providing a reasonable rate of return based on the current market

and limiting the maturity of all investments to less than 15 months.

The Airport limits its exposure to credit risk, the risk that the issuer of a debt security

will not pay its par value upon maturity, by maintaining a minimal balance in the

each institution. Illinois Funds are rated AAA.

Custodial credit risk for investments is the risk that, in the event of the failure of the

counterparty to the investment, the Airport will not be able to recover the value of its

investments that are in possession of an outside party. The Airport’s investment

policy does not discuss custodial credit risk of investments; however, to limit its

exposure, the Airport has not invested in security transactions that are exposed to

custodial credit risk.

Concentration of credit risk is the risk that the Airport has too high a percentage of

their investments invested in one type of investment. The Airport’s investment

policy requires diversification of investment to avoid unreasonable risk. At April 30,

2016, the Airport did not have greater than 5% of its overall portfolio invested in any

single investment type.

3. CAPITAL ASSETS

a. Summary of Changes in Capital Assets

A summary of capital assets for the year ended April 30, 2016 is as follows:

May 1,

2015

Increases

Decreases

April 30,

2016

Capital assets not being depreciated

Land $ 62,890,925 $ - $ - $ 62,890,925

Improvements in progress 2,163,171 1,221,194 - 3,384,365

Total capital assets not being

depreciated

65,054,096

1,221,194

-

66,275,290

Capital assets being depreciated

Buildings and building improvements 5,915,261 - - 5,915,261

Infrastructure 52,368,138 102,593 - 52,470,731

Improvements 3,589,444 - - 3,589,444

Vehicles 2,850,401 141,675 30,198 2,961,878

Equipment 164,946 2,643 - 167,589

Other assets 142,243 - 142,243

Total capital assets being depreciated 65,030,433 246,911 30,198 65,247,146

- 14 -



3. CAPITAL ASSETS (Continued)

a. Summary of Changes in Capital Assets (Continued)

May 1, 2015

Increases

Decreases

April 30, 2016

Less accumulated depreciation for Buildings and building improvements $ 2,530,069 $ 195,406 $ - $ 2,725,475 Infrastructure 28,386,263 2,453,478 - 30,839,741 Improvements 2,388,844 171,950 - 2,560,794 Vehicles 2,368,734 129,937 30,198 2,468,473 Equipment 129,904 10,101 - 140,005 Other assets 85,345 14,224 - 99,569

Total accumulated depreciation 35,889,159 2,975,096 30,198 38,834,057

Total capital assets being depreciated, net

29,141,274

(2,728,185)

-

26,413,089

TOTAL CAPITAL ASSETS, NET $ 94,195,370 $ (1,506,991) $ - $ 92,688,379

A summary of capital assets for the year ended April 30, 2015 is as follows:

May 1, 2014

Increases

Decreases

April 30, 2015

Capital assets not being depreciated Land $ 62,890,925 $ - $ - $ 62,890,925 Improvements in progress 1,233,599 1,033,726 104,154 2,163,171

Total capital assets not being depreciated

64,124,524

1,033,726

104,154

65,054,096

Capital assets being depreciated Buildings and building improvements 5,908,799 6,462 - 5,915,261 Infrastructure 51,993,322 374,816 - 52,368,138 Improvements 3,480,630 108,814 - 3,589,444 Vehicles 2,726,811 123,590 - 2,850,401 Equipment 152,046 12,900 - 164,946 Other assets 145,493 - 3,250 142,243

Total capital assets being depreciated 64,407,101 626,582 3,250 65,030,433

Less accumulated depreciation for Buildings and building improvements 2,327,187 202,882 - 2,530,069 Infrastructure 26,012,263 2,374,000 - 28,386,263 Improvements 2,143,676 245,168 - 2,388,844 Vehicles 2,252,127 116,607 - 2,368,734 Equipment 117,096 12,808 - 129,904 Other assets 74,371 14,224 3,250 85,345

Total accumulated depreciation 32,926,720 2,965,689 3,250 35,889,159

Total capital assets being depreciated, net

31,480,381

(2,339,107)

-

29,141,274

TOTAL CAPITAL ASSETS, NET $ 95,604,905 $ (1,305,381) $ 104,154 $ 94,195,370

- 15 -



3. CAPITAL ASSETS (Continued) b. Construction Contracts The Airport has entered into participation agreements with the Illinois Department of

Transportation, Division of Aeronautics committing funds for the local share of construction or renovation of the facilities as follows:

April 30, 2016 Expended

to Date

Remaining Local Share Commitment

Total Project Cost

Airport improvements IDOT #4262 East Quadrant Apron Rehab $ 158,937 $ - $ 958,971 IDOT #4182 EMAS - South 498,703 - 6,455,600 IDOT #4407 EMAS - North 590,026 - 7,074,563 IDOT #4427 East Quad Apron Rehab Phase 2 53,649 - 445,670 IDOT #4414 Runway 16/34 524,825 - 5,159,468

TOTAL $ 1,826,140 $ - $ 20,094,272

April 30, 2015

Expended to

Date

Remaining Local Share Commitment

Total Project Cost

Airport improvements IDOT #4262 East Quadrant Apron Rehab $ 158,937 $ - $ 958,971 IDOT #4182 EMAS - South 495,901 - 6,455,600 IDOT #4407 EMAS - North 116,852 344,730 7,074,563

TOTAL $ 771,690 $ 344,730 $ 14,489,134

4. LONG-TERM DEBT Long-term debt activity for fiscal years ended April 30, 2016 and 2015 are as follows. a. Loans As of April 30, 2016, the Airport had the following loans outstanding:

Outstanding at April 30, 2016

Current Portion

$1,237,000 loan, dated January 15, 2005, for the purpose of constructing two hangars and a taxiway. Principal and interest are due in monthly installments of $7,523 with a stated interest rate of 3.65% beginning January 15, 2005 with a final payment due on November 15, 2025.

$ 688,534

$ 56,724

- 16 -



4. LONG-TERM DEBT (Continued)

a. Loans (Continued)

As of April 30, 2015, the Airport had the following loans outstanding:

Outstanding at April 30, 2015

Current Portion

$1,237,000 loan, dated January 15, 2005, for the purpose of constructing two hangars and a taxiway. Principal and interest are due in monthly installments of $7,523 with a stated interest rate of 4.551% beginning January 15, 2005 with a final payment due on November 15, 2025.

$ 753,288

$ 56,724

b. Notes Payable

As of April 30, 2016, the Airport had the following notes outstanding:

Total Current

$3,200,000 note dated April 19, 2010, for the purchase of land. Principal is due in monthly installments of $13,334 with a stated interest rate of 4.17% beginning June 1, 2010 through 2015 and 3.25% in future years with a final payment of $628,827 due on May 1, 2020.

$ 1,268,859

$ 160,008

$2,300,000 note dated April 19, 2010, for the construction of T-Hangars. Principal will be in monthly installments of $7,667 with a stated interest rate of 4.17% beginning July 1, 2011 and interest only payments to begin June 1, 2010, through 2015 and 3.25% in future years with a final payment of $1,471,964 due on May 1, 2020.

1,699,147

92,004

TOTAL $ 2,968,006 $ 252,012

As of April 30, 2015, the Airport had the following notes outstanding:

Total Current

$3,200,000 note dated April 19, 2010, for the purchase of land. Principal is due in monthly installments of $13,334 with a stated interest rate of 4.17% beginning June 1, 2010 through 2015 and 3.25% in future years with a final payment of $628,827 due on May 1, 2020.

$ 1,428,867

$ 160,008

$2,300,000 note dated April 19, 2010, for the construction of T-Hangars. Principal will be in monthly installments of $7,667 with a stated interest rate of 4.17% beginning July 1, 2011 and interest only payments to begin June 1, 2010, through 2015 and 3.25% in future years with a final payment of $1,471,964 due on May 1, 2020.

1,791,151

92,004

TOTAL $ 3,220,018 $ 252,012

- 17 -



4. LONG-TERM DEBT (Continued) c. Changes in Long-Term Liabilities A summary of the changes in the long-term debt of the Airport for the year ended

April 30, 2016 is as follows:

Balances May 1

Additions

Retirement

Balances April 30

Current Portion

Loans $ 753,288 $ - $ 64,754 $ 688,534 $ 67,195 Notes 3,220,018 - 252,012 2,968,006 252,012 Compensated absences

44,746

4,963

11,320

38,389

4,963

TOTAL $ 4,018,052 $ 4,963 $ 328,086 $ 3,694,929 $ 324,170

A summary of the changes in the long-term debt of the Airport for the year ended

April 30, 2015 is as follows:

Balances May 1

Additions

Retirement

Balances April 30

Current Portion

Loans $ 807,391 $ - $ 54,103 $ 753,288 $ 56,724 Notes 3,620,530 - 400,512 3,220,018 252,012 Compensated absences

39,325

11,320

5,899

44,746

11,320

TOTAL $ 4,467,246 $ 11,320 $ 460,514 $ 4,018,052 $ 320,056

d. Debt Service Requirements to Maturity The annual debt service requirements to amortize the loan are as follows:

Fiscal Year Ending

2010A Revenue Note

2010B Revenue Note

April 30, Principal Interest Principal Interest 2017 $ 160,008 $ 38,854 $ 92,004 $ 53,852 2018 160,008 33,654 92,004 50,862 2019 160,008 28,454 92,004 47,872 2020 160,008 23,254 92,004 44,881 2021 160,008 18,053 92,004 41,891 2022-2026 468,819 22,959 460,020 164,604 2027-2031 - - 460,020 89,851 2032-2035 - - 319,087 18,418 TOTAL $ 1,268,859 $ 165,228 $ 1,699,147 $ 512,231

- 18 -



4. LONG-TERM DEBT (Continued)

d. Debt Service Requirements to Maturity (Continued)

Fiscal Year

Ending

Loan

Total

April 30, Principal Interest Principal Interest

2017 $ 67,195 $ 24,013 $ 319,207 $ 116,720

2018 69,689 21,519 321,701 106,035

2019 72,275 18,933 324,287 95,259

2020 74,958 16,250 326,970 84,385

2021 77,740 13,468 329,752 73,412

2022-2025 326,678 23,946 1,255,517 211,509

2026-2030 - - 460,020 89,851

2031-2035 - - 319,087 18,418

TOTAL $ 688,534 $ 118,130 $ 3,656,540 $ 795,589

5. RISK MANAGEMENT

The Airport is exposed to various risks of loss related to torts; theft of, damage to and

destruction of assets; errors and omissions; injuries to employees; illnesses of employees;

and natural disasters. These risks are covered by commercial insurance purchased from

independent third parties. Settled claims from these risks have not exceeded commercial

insurance coverage for the past three fiscal years.

6. CONTRIBUTED CAPITAL ASSETS

The Airport is the recipient of several Airport Improvement Grants for airport facility

acquisition and capital improvements. The grant agreements provide for the following

levels of participation:

Federal share 90.0% to 95.0%

State share 2.5% to 5.0%

Local share 2.5% to 5.0%

- 19 -



6. CONTRIBUTED CAPITAL ASSETS (Continued) At April 30, 2016 and 2015, the balances of contributed capital assets are as follows:

Federal State Other Donated Total

BALANCE, APRIL 30, 2014 $ 92,975,464 $ 10,732,349 $ 244,144 $ 11,000 $ 103,962,957 Contributed assets/grants during 2015

1,099,271

61,071

-

-

1,160,342

BALANCE, APRIL 30, 2015 94,074,735 10,793,420 244,144 11,000 105,123,299 Contributed assets/grants during 2016

512,564

28,476

-

-

541,040

BALANCE, APRIL 30, 2016 $ 94,587,299 $ 10,821,896 $ 244,144 $ 11,000 $ 105,664,339

Contributed capital assets is a component of net position “invested in capital assets.” 7. DEFINED CONTRIBUTION PLAN The Airport provides pension benefits for all of its full-time employees through a defined

contribution plan. This plan was established with the International City Managers Association Retirement Trust (the Trust), an agent multiple-employer public employee retirement system that acts as a common investment and administrative agent for state and local governments and their instrumentalities throughout the United States of America. In a defined contribution plan, benefits depend solely on amounts contributed to the plan plus investment earnings. The Airport’s policy requires that both the employee and the Airport contribute an amount equal to 4.5% of the employee’s base salary at the end of every bi-weekly payroll period. The Airport’s contributions for each employee (and interest allocated to the employee’s account) are incrementally vested 20% annually, after three years of service. The Airport’s nonvested contributions and the interest forfeited by employees who leave employment before seven years of service are used to reduce the Airport’s contribution requirement to the remaining employees. The Board of Directors is responsible for establishing and amending the plan provisions.

The Airport’s payroll and contributions for the fiscal years ended April 30, 2016 and 2015

are:

2016 2015

Airport’s total payroll $ 821,967 $ 841,789 Subject to contribution 792,044 807,657 Airport’s contribution 25,719 36,496 Forfeiture 9,923 - Covered employees’ contribution 35,642 36,496

- 20 -



8. CONTINGENT LIABILITIES

Litigation

The Airport is a defendant in various lawsuits. Although the outcome of these lawsuits is

not presently determinable, in the opinion of the Airport’s attorney, the resolution of these

matters will not have a material adverse effect on the financial condition of the Airport.

9. OTHER POSTEMPLOYMENT BENEFITS

The Airport has evaluated its potential other postemployment benefits liability. The

Airport provides continued health insurance coverage at the active employer rate to all

eligible employees in accordance with Illinois statues, which creates an implicit subsidy of

retiree health insurance. Former employees who choose to retain their rights to health

insurance through the Airport are required to pay 100% of the current premium. However,

no former employees have chosen to stay in the Airport’s health insurance plan. Therefore,

there has been 0% utilization and, therefore, no implicit subsidy to calculate in accordance

with GASB Statement No. 45, Accounting and Financial Reporting by Employers for

Postemployment Benefits Other Than Pensions. Additionally, the Airport had no former

employees for which the Airport was providing an explicit subsidy and no current

employees with agreements for future explicit subsidies upon retirement. Therefore, the

Airport has not recorded any postemployment benefit liability as of April 30, 2016.

- 21 -

SUPPLEMENTAL INFORMATION

ALTERNATIVE PRESENTATION

2016 2015

OPERATING REVENUES

Long-term leases 2,210,835$ 2,254,157$

T-hangar revenue 366,643 358,483

Tie-down fees 31,974 31,750

Fuel flowage fees 801,728 707,941

Permit fees 90,662 82,971


Other 165,213 141,737

Late charges 2,981 6,870

Total operating revenues 3,964,113 3,890,766

OPERATING EXPENSES

Administrative 1,386,781 1,405,827

Maintenance 1,394,916 1,189,104

Total operating expenses 2,781,697 2,594,931

OPERATING INCOME BEFORE

DEPRECIATION AND AMORTIZATION 1,182,416 1,295,835

DEPRECIATION AND AMORTIZATION



Total depreciation and amortization 989,018 980,511

OPERATING INCOME 193,398 315,324

NON-OPERATING REVENUES (EXPENSES)

Investment income 6,352 6,591

Interest expense (137,450) (188,072)


Intergovernmental revenues 569,516 1,221,412

Gain on sale of capital asset 4,100 -

Total non-operating revenues (expenses) 469,520 1,094,204

NET INCOME (LOSS) BEFORE CAPITAL CONTRIBUTIONS AND

DEPRECIATION ANDCONTRIBUTED CAPITAL ASSETS 662,918 1,409,528

Capital contributions - -

Depreciation and contribtued captial assets (1,986,078) (1,985,178)

Total capital contributions, depreciation and contributed captial assets (1,986,078) (1,985,178)

CHANGE IN NET POSITION (1,323,160) (575,650)

NET POSITION, MAY 1 92,448,462 93,024,112

NET POSITION, APRIL 30 91,125,302$ 92,448,462$


SCHEDULES OF REVENUES, EXPENSES AND CHANGES IN NET POSITION


(See independent auditor's report.)- 22 -

2016 2015

PERSONNEL SERVICES

Benefits (insurance, pension and FICA) 133,742$ 158,611$

Recognition 10,929 10,823

Salaries 395,234 403,896

Training and education - 7,597

Physicals 95 -

Total personnel services 540,000 580,927

CONTRACTUAL SERVICES

Audit fees 19,645 28,905

Building repair 3,648 2,523

Conference and meetings 9,940 4,440

Energy 90,904 92,008

Engineering 60,907 13,969

Equipment maintenance (office) 35,847 26,234

Insurance 102,513 95,863

Legal 16,698 26,022

Marketing 72,071 58,463

Membership dues 7,029 6,625

Office maintenance 11,661 11,737

Other 15,170 13,405

Other services 37,121 81,444

Printing 1,816 2,341

Public notices 981 1,298

Security 8,695 7,468

Telephone 6,614 7,908

Travel and transportation 5,210 807


Total contractual services 750,146 714,204

COMMODITIES

Conference and meetings 10,303 9,455

Equipment 1,004 943

Fuel (unleaded) 748 2,154

Marketing 34,952 29,171

Other 3,188 3,210

Software 6,886 1,358

Subscriptions 702 1,459

Supplies (copier, office, etc.) 5,812 4,926

Vehicle maintenance 607 1,871

Total commodities 64,202 54,547

OTHER

Lease development 17,877 21,058

NBAA convention 14,556 35,091

Total other 32,433 56,149

TOTAL ADMINISTRATIVE EXPENSES 1,386,781$ 1,405,827$


SCHEDULES OF ADMINISTRATIVE EXPENSES



2016 2015

PERSONNEL SERVICES

Benefits 172,743$ 187,605$

Salaries 451,132 465,643

Recognition 3,589 4,548

Training and education 1,499 7,754

Uniforms 10,780 10,547

Total personnel services 639,743 676,097

CONTRACTUAL SERVICES

Building repair 2,866 821

Equipment maintenance (shop) 3,868 5,767

Insurance 46,786 45,319

Landscaping 20,673 26,625

Medical exams 1,941 745

Other 2,091 1,435

Other services 12,276 11,801

Pavement marking 58,606 58,851

Telephone 4,318 5,040

Travel and transportation - 1,331

Waste removal 8,212 100,079

Conferences 395 -

Membership dues 275 275

Total contractual services 162,307 258,089

COMMODITIES

Equipment/tools (shop) 11,190 514

Fence 236 4,128

Fuel 26,390 43,708

Landscaping 1,666 1,972

Lighting 17,552 15,672

Other 2,553 1,876

Raw materials 54,337 37,399

Signage 2,469 2,305

Supplies 62,275 49,120

Rehab project 5,644 75,500

EMAS end blocks 330,105 -

Vehicle maintenance 38,435 22,724

CMT materials 40,014 -

Total commodities 592,866 254,918

TOTAL MAINTENANCE EXPENSES 1,394,916$ 1,189,104$


SCHEDULES OF MAINTENANCE EXPENSES



STATISTICAL SECTION

This part of the Chicago Executive Airport’s comprehensive annual financial report presents

detailed information as a context for understanding what the information in the financial

statements, note disclosures and required supplementary information displays about the Airport’s

overall financial health.

Contents Page(s)

Financial Trends

These schedules contain trend information to help the reader understand

how the Airport’s financial performance and well-being have been

changed over time.

25-28

Revenue Capacity

These schedules contain information to help the reader assess the Airport’s

most significant local revenue source.

29-33

Debt Capacity

These schedules present information to help the reader assess the

affordability of the Airport’s current levels of outstanding debt and the

Airport’s ability to issue additional debt in the future.

34-37

Demographic and Economic Information

These schedules offer demographic and economic indicators to help the

reader understand the environment within which the Airport’s financial

activities take place.

38-41

Operating Information

These schedules contain service and infrastructure data to help the reader

understand how the information in the Airport’s financial report relates to

the services the Airport provides and the activities it performs.

42-46

Sources: Unless otherwise noted, the information in these schedules is derived from the

comprehensive annual financial reports for the relevant year.

2007 2008 2009 2010

REVENUES

Operating revenues

Long-term leases 1,936,785$ 1,929,797$ 1,950,052$ 1,966,504$

T-hangar and tie-down fees 306,388 287,453 289,349 265,913

Fuel flowage fees 681,309 673,428 589,638 560,657

U.S. Custom Service fees 246,150 286,338 266,867 245,520

Other 72,826 116,886 195,843 154,946

Total operating revenues 3,243,458 3,293,902 3,291,749 3,193,540

Non-operating revenues

Investment income 210,807 171,930 79,549 36,402

Other 413 28,100 - -

Total non-operating revenues 211,220 200,030 79,549 36,402

Total revenues 3,454,678 3,493,932 3,371,298 3,229,942

EXPENSES

Operating expenses

Administrative 1,547,972 1,665,965 1,497,600 1,498,573

Maintenance 1,004,258 1,098,705 953,402 967,475

Depreciation and amortization 2,207,540 2,364,064 2,544,995 2,520,458

Total operating expenses 4,759,770 5,128,734 4,995,997 4,986,506

Non-operating expenses

Interest expense 120,134 260,630 211,329 138,041

Other expense 16,262 83 7,564 26,641

Total non-operating expenses 136,396 260,713 218,893 164,682

Total expenses 4,896,166 5,389,447 5,214,890 5,151,188

CAPITAL CONTRIBUTIONS 10,582,087 659,405 245,051 3,726,425

INCREASE (DECREASE) IN

NET POSITION 9,140,599$ (1,236,110)$ (1,598,541)$ 1,805,179$

NET POSITION

Invested in capital assets, net of

related debt 89,684,319$ 93,047,242$ 88,162,133$ 90,180,754$

Restricted - - - -

Unrestricted 4,694,251 95,218 3,381,786 3,168,344

TOTAL NET POSITION 94,378,570$ 93,142,460$ 91,543,919$ 93,349,098$


NET POSITION AND CHANGES IN NET POSITION

Last Ten Fiscal Years

- 25 -

2011 2012 2013 2014 2015 2016

1,806,408$ 1,917,757$ 2,201,383$ 2,257,610$ 2,254,157$ 2,210,835$

297,332 416,743 418,521 399,181 390,233 398,617

629,936 595,297 602,769 659,072 707,941 801,728

269,898 278,039 247,500 284,850 306,857 294,077

197,080 252,512 175,670 374,777 231,578 258,856

3,200,654 3,460,348 3,645,843 3,975,490 3,890,766 3,964,113

21,646 16,896 10,222 7,267 6,591 6,352

- 28,208 39,290 203,131 54,273 31,102

21,646 45,104 49,512 210,398 60,864 37,454

3,222,300 3,505,452 3,695,355 4,185,888 3,951,630 4,001,567

1,466,444 1,643,423 1,423,250 1,699,624 1,405,827 1,386,781

1,017,436 979,074 1,066,421 1,239,415 1,189,104 1,394,916

2,541,179 2,738,152 2,672,210 2,658,807 2,965,689 2,975,096

5,025,059 5,360,649 5,161,881 5,597,846 5,560,620 5,756,793

202,239 227,141 211,406 199,680 188,072 137,450

12,226 38,091 - - - -

214,465 265,232 211,406 199,680 188,072 137,450

5,239,524 5,625,881 5,373,287 5,797,526 5,748,692 5,894,243

1,483,916 2,628,403 2,254,936 879,744 1,221,412 569,516

(533,308)$ 507,974$ 577,004$ (731,894)$ (575,650)$ (1,323,160)$

89,843,203$ 91,047,141$ 91,986,764$ 91,461,746$ 90,222,064$ 89,031,839$

- - - - - -

2,972,587 2,276,623 1,914,004 1,707,128 2,802,048 2,669,113

92,448,462$ 93,323,764$ 93,900,768$ 93,168,874$ 93,024,112$ 91,700,952$

- 26 -

2007 2008 2009 2010

CASH FLOWS FROM

OPERATING ACTIVITIES

Receipts from customers and users 3,320,560$ 3,605,633$ 3,426,195$ 3,167,740$

Payments to suppliers (1,477,806) (1,662,275) (1,356,590) (1,317,967)

Payments to employees (1,116,181) (1,208,291) (1,110,532) (1,101,469)

Net cash from operating activities 726,573 735,067 959,073 748,304

CASH FLOWS FROM NONCAPITAL


Non-operating revenues (expenses) 413 - (5,456) (10,000)

Net cash from noncapital financing activities 413 - (5,456) (10,000)

CASH FLOWS FROM CAPITAL AND

RELATED FINANCING ACTIVITIES

Capital contributions - grants - - - -

Acquisition and construction of capital assets

Capital assets (4,641,177) (58,651) (568,229) (689,895)

Sewer assesments - - - -

Disposal of capital assets - 28,100 (2,108) 27,848

Proceeds from loan 4,700,000 - 3,200,000 3,254,512

Interest paid on loan (102,183) (260,705) (223,499) (145,695)

Principal paid on loan (43,641) (45,401) (4,746,209) (3,243,560)

Net cash from capital and related

financing activities (87,001) (336,657) (2,340,045) (796,790)

CASH FLOWS FROM

INVESTING ACTIVITIES

Maturities of investments 209,811 - - -

Purchase of investments (611,118) - (901,257) -

Interest received on deposits 200,996 171,930 79,549 37,659

Net cash from investing activities (200,311) 171,930 (821,708) 37,659

NET INCREASE (DECREASE) IN CASH

AND CASH EQUIVALENTS 439,674 570,340 (2,208,136) (20,827)

CASH AND CASH EQUIVALENTS,

BEGINNING OF YEAR 3,160,110 3,599,784 4,170,124 1,961,988

CASH AND CASH EQUIVALENTS,

END OF YEAR 3,599,784$ 4,170,124$ 1,961,988$ 1,941,161$


CHANGES IN CASH AND CASH EQUIVALENTS


- 27 -

2011 2012 2013 2014 2015 2016

2,962,936$ 3,625,119$ 3,658,657$ 4,369,898$ 3,835,355$ 4,962,741$

(1,500,632) (1,511,985) (1,007,659) (1,432,243) (1,586,475) (1,738,435)

(1,073,785) (1,258,203) (1,228,808) (1,544,890) (1,275,152) (1,184,109)

388,519 854,931 1,422,190 1,392,765 973,728 2,040,197

- - - - - -

- - - - - -

- - - - 1,221,412 569,516

(1,352,919) (758,313) (1,056,989) (950,540) (1,556,154) (943,445)

- - - 200,164 54,273 27,002

29,008 41,260 41,325 3,500 - 4,100

2,245,488 - - - - -

(202,239) (227,141) (211,406) (199,680) (188,072) (137,450)

(1,176,685) (292,048) (301,941) (304,038) (454,615) (306,295)

(457,347) (1,236,242) (1,529,011) (1,250,594) (923,156) (786,572)

- 1,101,102 - - - -

- - (245,527) (1,572) 195,007 (110,071)

20,544 16,896 10,222 7,267 6,591 6,352

20,544 1,117,998 (235,305) 5,695 201,598 (103,719)

(48,284) 736,687 (342,126) 147,866 252,170 1,149,906

1,941,161 1,892,877 2,629,564 2,287,438 2,435,304 2,687,474

1,892,877$ 2,629,564$ 2,287,438$ 2,435,304$ 2,687,474$ 3,837,380$

- 28 -

2007 2008 2009 2010

REVENUES

Operating revenues

Long-term leases 1,936,785$ 1,929,797$ 1,950,052$ 1,966,504$

Short-term leases - - - -

T-hangar fees 211,001 212,921 209,729 194,910

Tie-down fees 95,387 74,532 79,620 71,003

Permit fees 19,487 40,201 37,723 32,616

Fuel flowage fees 681,309 673,428 589,638 560,657

U.S. Custom Service fees 246,150 286,338 266,867 245,520

Late fees 3,490 6,886 20,258 7,507

Other 49,849 69,799 137,862 114,823

Total operating revenues 3,243,458 3,293,902 3,291,749 3,193,540

Percentage of total

revenues 93.89% 94.27% 97.64% 98.87%

Non-operating revenues


Intergovernmental revenue - - - -

Other 413 28,100 - -

Total non-operating revenues 211,220 200,030 79,549 36,402

Percentage of total

revenues 6.11% 5.73% 2.36% 1.13%

TOTAL REVENUES 3,454,678$ 3,493,932$ 3,371,298$ 3,229,942$


PRINCIPAL REVENUE SOURCES


- 29 -

2011 2012 2013 2014 2015 2016

1,806,408$ 1,917,757$ 2,201,383$ 2,257,610$ 2,254,157$ 2,210,835$

115,344 115,344 115,344 115,344 - -

232,109 365,572 374,823 367,680 358,483 366,643

65,223 51,171 43,698 31,501 31,750 31,974

28,079 29,286 35,545 42,986 82,971 90,662

629,936 595,297 602,769 669,072 707,941 801,728

269,898 278,039 247,500 284,850 306,857 294,077

5,862 6,940 7,521 2,719 6,870 2,981

47,795 100,942 17,260 203,728 141,737 165,213

3,200,654 3,460,348 3,645,843 3,975,490 3,890,766 3,964,113

99.33% 94.27% 98.66% 94.97% 75.21% 86.72%

21,646 16,896 10,222 7,267 6,591 6,352

- - - - 1,221,412 569,516

- 28,208 39,290 203,131 54,273 31,102

21,646 45,104 49,512 210,398 1,282,276 606,970

0.67% 1.29% 1.34% 5.03% 24.79% 13.28%

3,222,300$ 3,505,452$ 3,695,355$ 4,185,888$ 5,173,042$ 4,571,083$

- 30 -

Operating Operating

Revenue Revenue

2015 Percentage 2006 Percentage

PAYERS

Signature Flight Support* 2,255,739$ 67.67% 1,743,777$ 69.18%

Atlantic Aviation* 619,987 18.60% - 0.00%

Hawthorne Global Aviation* 262,311 7.87% - 0.00%

Eclipse Aerospace 167,022 5.01% - 0.00%

Stery Tucking 28,393 0.85% - 0.00%

IPO II - 0.00% 99,827 3.96%

North American Jet - 0.00% 477,622 18.95%

Palwaukee Service Center - 0.00% 137,814 5.47%

American Flyers - 0.00% 61,471 2.44%

TOTAL PRINCIPAL REVENUE PAYERS 3,333,452$ 100.00% 2,520,511$ 100.00%

* Includes fuel flowage fees.

LEASE PAYMENTS AND FUEL FLOWAGE FEES


PRINCIPAL REVENUE PAYERS

For Current Year and Nine Years Prior

- 31 -

2007 2008 2009 2010

Long-term leases (per year)

Hangars (average rent per square foot) 3.9611$ 4.0304$ 4.0325$ 4.1199$

Ground leases (average rent per square foot) 0.6037$ 0.6302$ 0.6358$ 0.6378$

Short-term rentals -$ -$ -$ -$

T-Hangar fees (per month)

North East Quad T-hangars -$ -$ -$ -$

New buildings (southeast quadrant) 429 432 452 452

Old buildings 239 241 252 252

Tie-downs (per month)

Area 1 -$ -$ -$ -$

Area 2 150 151 158 158

Area 3 97 97 97 97

Area 4 97 97 N/A N/A

Area 7 120 121 N/A N/A

Area 10 N/A N/A N/A N/A

Commercial operating permits (per month) 69$ 69$ 72$ 72$

Fuel flowage fees (per gallon) 0.1111$ 0.1119$ 0.1163$ 0.1163$

U.S. Customs service fees (per inspection)

Single engine users 90$ 90$ 90$ 90$

Twin engine users 180 180 180 180

Aircraft weighting 8,000 lbs. to 30,000 lbs. 360 360 360 360

Aircraft weighting over 30,000 lbs. 540 540 540 540

Off-hours additional surcharge 180 180 180 180

Late payment fee

Leases (per day) $ 10-25 $ 10-25 $ 10-25 $ 10-25

Rentals (per month) 10 10 10 10

N/A - Not available.


REVENUE RATES


- 32 -

2011 2012 2013 2014 2015 2016

4.2533$ 5.0000$ 5.0800$ 5.1100$ 5.9700$ 4.7600$

0.6489$ 0.6540$ 0.6650$ 0.6700$ 0.8300$ 0.8600$

9,612$ 9,612$ 9,612$ 9,612$ 10,503$ 12,148$

444$ 453$ 460$ 460$ 466$ 472$

464 471 480 488 495 502

252 - - - - -

-$ -$ -$ -$ -$ -$

158 158 159 159 159 100

97 97 98 98 98 N/A

N/A N/A N/A N/A N/A N/A



74$ 75$ 76$ 77$ 78$ 79$

0.1192$ 0.1234$ 0.1255$ 0.1255$ 0.0127$ 0.1400$

90$ 90$ 90$ 90$ 90$ 90$

180 180 180 180 180 180

360 360 360 360 360 360

540 540 540 540 540 540

180 180 180 180 180 180

$ 10-25 $ 10-25 $ 10-25 $ 10-25 $ 10-25 $ 10-25

10 10 10 10 10 10

- 33 -

2007 2008 2009 2010

Outstanding Debt per Flight Operation

Outstanding debt by type:

Bank loans¹ 1,137,791$ 1,092,391$ 1,046,182$ 1,002,623$

Revenue notes² 4,700,000 4,700,000 3,200,000 3,254,512

Total outstanding debt 5,837,791$ 5,792,391$ 4,246,182$ 4,257,135$

Outstanding debt per flight operation 50.42$ 53.37$ 46.05$ 48.46$

Debt Service

Principal 43,641$ 45,401$ 46,209$ 43,559$

Interest 102,183 263,438 211,562 138,041

Total debt service 145,824$ 308,839$ 257,771$ 181,600$

Ratio of debt service to total expenses 2.90% 5.70% 4.90% 3.50%

Debt Service per Flight Operation 1.26$ 2.85$ 2.80$ 2.07$

¹ Bank loan jointly executed by both owning-communities for the Airport.

² Revenue note executed by the Village of Wheeling only for the Airport.

Notes: The Intergovernmental Agreement establishing the Airport does not allow the Airport to issue any debt.

All Airport debt is issued by either, or both, of the owning-communities, the Municipalities; however, the

Airport is responsible for retirement of the debt. In the case of general obligation (GO) debt, the Airport's legal

debt limitation is predicated on that of the two Municipalities. The City of Prospect Heights is a non-Home

Rule Municipality; therefore, it is limited to the amount of debt it can issue without referendum approval. The

limitation is based on the total equalized assessed valuation (EAV) of real property located within the

Municipalities. The Municipalities are allowed to issue 0.8% of the EAV total in general obligation debt

without referendum approval. Certain financing vehicles are exempt from limitations of these types. The

Village of Wheeling in an Illinois Home Rule community and has no statutory limit. As a result, the acceptable

level of debt outstanding for the Village of Wheeling is solely determined by the Village Board. By every

measure or ratio of debt generally considered, the Village of Wheeling's debt level is very low. Accordingly, the

general obligation debt limit of the Airport is also that of the City of Prospect Heights.


RATIOS OF OUTSTANDING DEBT


- 34 -

2011 2012 2013 2014 2015 2016

957,039$ 909,336$ 859,417$ 807,391$ 753,288$ 688,534$

4,368,899 4,124,554 3,872,542 3,620,530 3,220,018 2,968,006

5,325,938$ 5,033,890$ 4,731,959$ 4,427,921$ 3,973,306$ 3,656,540$

59.56$ 59.40$ 57.08$ 57.05$ 51.62$ 47.01$

1,176,685$ 292,048$ 301,931$ 304,038$ 454,615$ 316,766$

202,239 227,141 211,046 199,680 188,072 137,450

1,378,924$ 519,189$ 512,977$ 503,718$ 642,687$ 454,216$

26.30% 9.50% 9.79% 8.70% 11.09% 7.90%

15.42$ 6.13$ 6.19$ 6.49$ 8.35$ 5.84$

- 35 -

2007 2008 2009 2010

NET REVENUES

Operating revenues 3,243,458$ 3,293,902$ 3,291,749$ 3,193,540$


TOTAL NET REVENUES 3,454,678$ 3,465,832$ 3,371,298$ 3,229,942$

DEBT SERVICE

Principal 43,641$ 45,401$ 4,746,209$ 3,243,560$

Interest 102,183 260,630 211,329 138,041

TOTAL DEBT SERVICE 145,824$ 306,031$ 4,957,538$ 3,381,601$

DEBT SERVICE COVERAGE 23.69 11.33 0.68 0.96

Note: Each debt instrument specifies certain hangar revenues as its primary pledged revenue obligation;

however, one debt instrument specifies total revenues as its contingent pledged revenue obligation.


PLEDGED REVENUE COVERAGE


- 36 -

2011 2012 2013 2014 2015 2016

3,200,654$ 3,460,348$ 3,645,843$ 3,975,490$ 3,890,766$ 3,964,113$

21,646 16,896 10,222 7,267 6,591 6,352

3,222,300$ 3,477,244$ 3,656,065$ 3,982,757$ 3,897,357$ 3,970,465$

1,176,685$ 292,048$ 301,931$ 304,038$ 454,615$ 306,295$

202,239 227,141 211,046 199,680 188,072 137,450

1,378,924$ 519,189$ 512,977$ 503,718$ 642,687$ 443,745$

2.34 6.70 7.13 7.91 6.06 8.95

- 37 -

- 40 -

Chicago Executive Airport

Airport Tenants and Through-the-Fence Operators

Data Source

Chicago Executive Airport Economic Impact Study - 2007 by Wilbur Smith Associates

(Updated for 2009 by CEA)

Aviation Corporate

On-Airport Tenants

Chicago Executive Airport Gov’t C.F. Industries

FAA (Control Tower) Gov’t Northstreet Properties

U.S. Customs Gov’t Newberg

Signature Flight Support FBO Potomac

Atlantic Aviation FBO Lake Capital

Northern Illinois Flight Center Air Taxi Lincolnshire Associates

Preister Aviation Air Taxi Helicopters Incorporated

Windy City Flyers Air Taxi/Training Woodhill

Boram Aviation Training Allmetal

Chicago Executive Service Ctr. Maintenance SG III

North American Jet Maintenance Maint./Air Taxi Indeck/IPOII

Duncan Aviation Maintenance EJM

Landmark Aviation/Standard Aero Maintenance Alpha Mike Aviation

Hertz Car Rental J&S Aviation

Flight World Limited Flying Club McLennan Companies

Paragon Flying Club Flying Club CED

Brigadoon Aviation Maintenance 20 Other Corporates @ Atlantic Aviation

On Time/On Demand Maintenance

Flight Check Maintenance

DB Aviation Air Taxi

Civil Air Patrol Training

Leading Edge Flying Club Flying Club

Off-Airport Firms and Through-the-Fence Operators

Great Bear Aviation Air Taxi 411 LLC

Propeller Service, Inc. Maintenance Allstate

Avis Car Rental Duchossois Industries

Enterprise Car Rental Henry Crown

T.C. Becks Catering JCG Aviation

Georgies Catering McClean Fogg

94th Aero Squadron Restaurant Motorola

Down-to-the-Last-Detail Maintenance Redleaf Management

Palwaukee Flyers Training HSBC

- 38 -


Airport Tenants and Through-the-Fence Operators

Aviation Corporate Tenants

Chicago Executive Airport Government

FAA (Control Tower) Government

U.S. Customs Government

Atlantic Aviation FBO 17 corporations

Hawthrone Global Aviation FBO

Signature Flight Support FBO 39 corporations

American Flyers Flight School

Boraam Aviation Flight School

Chicago Executive Flight School Flight School

Chicago Executive Service Center Maintenance

Chicago Jet Group Air Charter

Civil Air Patrol Training

Down to the Last Detail Aircraft Detail Services

Duncan Aviation Maintenance

Eclipse Aerospace Maintenance

Executive Jet Management Air Charter

Fly There LLC Flight School

Hertz Car Rental

Hightail Air Charter Air Charter

International Aviation Air Charter

IPO II LLC Non-Commercial

Leading Edge Flying Club Flying Club

National Car Rental

Northern American Jet Air Charter

Northern Illinois Flight Center (NJet) Air Charter

Northwest Flyers Air Charter/Flight School

Paragon Flying Club Flying Club

Priester Aviation Air Charter

Primestar Maintenance

Skill Aviation Flight School

Trego/Dugan Air Charter

Windy City Flyers Flight School/Rentals

Aircraft Propeller Service, Inc. Maintenance

Down-to-the-Last-Detail Maintenance

Enterprise Car Rental

Georgies Catering

MaxAir Inc. Air Taxi

T.C. Becks Catering

Data Source

Chicago Executive Airport Economic Impact Study - 2007 by Wilbur Smith Associates (Updated for FY2015 by CEA)

On-Airport Tenants

Off-Airport Firms and Through-the-Fence Operators

- 39 -

Full Part-Time Total FTE Payroll Capital Operations Total

Government 27 7 34 31 2,950,600$ 16,299,600$ 1,225,600$ 20,475,800$

Aviation Services 226 34 260 245 10,039,600 2,027,100 20,334,500 32,401,200

Corporate 110 - 110 110 9,585,700 577,200 252,078,400 262,241,300

Subtotal 363 41 404 386 22,575,900$ 18,903,900$ 273,638,500$ 315,118,300$

Through-the-Fence

Corporate 90 1 91 91 8,271,400$ 361,800$ 26,531,700$ 35,164,900$

Aviation Services 41 - 41 41 1,927,100 43,700 1,663,400 3,634,200

Other 24 7 31 29 541,700 34,400 582,200 1,158,300

Subtotal 155 8 163 161 10,740,200$ 439,900$ 28,777,300$ 39,957,400$

Total 518 49 567 547 33,316,100$ 19,343,800$ 302,415,800$ 355,075,700$

Data Source

Chicago Executive Airport Economic Impact Study - 2007 by Wilbur Smith Associates

Airport Firms


AIRPORT BUSINESS EMPLOYERS AND THEIR EXPENSES

April 30, 2016

Jobs Expenses

- 40 -

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

FUNCTION

Finance and administration 6.2 6.2 6.2 6.3 6.5 7.6 6.7 5.0 5.0 5.0

Operations and maintenance 7.1 7.1 7.1 7.7 7.0 7.0 7.9 7.0 7.0 7.0

TOTAL 13.3 13.3 13.3 14.0 13.5 14.6 14.6 12.0 12.0 12.0

Data Source

Airport Annual Budgets


FULL-TIME EQUIVALENT AIRPORT EMPLOYEES BY FUNCTION


- 41 -

% of % of

Number of Total Airport Number of Total Airport

Employer Employees Rank Population Employees Rank Population

SG360 940 1 2.50% 300 8 0.78%

Durable Inc. 752 2 2.00% 450 2 1.17%

Pamarco Global Graphics 625 3 1.66% 300 8 0.78%

Reynolds Consumer Products 600 4 1.59%

Healthcare Laundry Services 550 5 1.46% 525 1 1.36%

Crothall Laundry Services 450 6 1.20%

Accellent 425 7 1.13%

Bob Chinn's Crabhouse 375 8 1.00% 350 4 0.91%

Argon Medical 330 9 0.88%

Bowe Bell & Howell Information Systems 300 10 0.80%

School District 21 330 6 0.86%

Pactive Corp. 440 3 1.14%

Wal-Mart/Sams 335 5 0.87%

Block & Company 320 7 0.83%

Allstate Printing/Dist. Ctr 300 8 0.78%

TNT Holland Motor Express, Inc. 300 8 0.78%

Valspar Corp 280 9 0.73%

Wheeling High School 275 10 0.71%

5,347 14.22% 4,505 11.70%

*Latest information available

Data Source

Village of Wheeling 2015 CAFR

2006


PRINCIPAL EMPLOYERS OF THE VILLAGE OF WHEELING

Current Year and Nine Years Ago

2015*

- 42 -

Fiscal Federal State County

Year Grants Grants Grants Other Donations

1985 20,262,070$ 1,112,691$ -$ -$ -$

1988 3,548,275 196,783 - - -

1989 1,529,641 82,417 - - -

1990 2,644,093 386,967 - - -

1991 1,799,702 231,353 - - 31,000

1992 3,432,448 295,335 - - -

1993 7,146,798 593,188 - - 3,000

1994 4,655,623 289,035 - - -

1995 3,419,137 398,900 1,305,800 - -

1996 498,313 27,471 - - -

1997 1,692,866 530,953 - - (23,000)

1998 3,382,368 729,473 - - -

1999 - - - - -

2000 (3,045,963) 697,416 (1,305,800) 136,291 -

2001 - 168,952 - 65,723 -

2002 4,248,313 721,743 - - -

2003 7,986,499 753,957 - 44,600 -

2004 1,076,877 235,169 - (2,470) -

2005 4,478,879 1,428,067 - - -

2006 3,611,925 - - - -

2007 10,309,044 273,043 - - -

2008 582,066 77,339 - - -

2009 49,485 195,566 - - -

2010 3,630,870 95,555 - - -

2011 1,553,185 25,242 - - -

2012 2,490,403 138,000 - - -

2013 2,200,552 54,384 - - -

2014 833,442 46,302 - - -

2015 1,100,127 121,285 - - -

2016 512,564 56,952 - - -

TOTAL 95,629,602$ 9,963,538$ -$ 244,144$ 11,000$

Data Source

Airport's financial statements and accounting records

Capital Contributions


SCHEDULE OF CAPITAL CONTRIBUTIONS

Inception to April 30, 2016

- 43 -

Fiscal Property Tax Property Taxes

Year Assessed Value Paid by Lessees

2007 6,114,484$ 1,256,507$

2008 7,386,479 1,374,891

2009 8,870,680 1,358,969

2010 10,354,881 1,343,047

2011 10,598,226 782,768

2012 12,135,975 858,962

2013 10,527,237 958,410

2014 11,271,798 1,550,829

2015 12,695,121 1,464,758

2016 N/A N/A

N/A - Not available at time of publication.


SCHEDULE OF PROPERTY TAX DATA


April 30, 2016

Note: While the Airport does not levy or collect property taxes, nor does it pay taxes,its lessees

have been assessed and paid the above taxes to the various taxing bodies.

- 44 -

Operating

Income Before (1) Fuel

Fiscal Depreciation and Changes in Airport Flowage Size

Year Amortization Net Position Operations (Gallons) (Acres)

2007* 691,228$ 9,140,599$ 115,787$ 5,734,489 426.14

2008 529,232 (1,236,110) 108,531 5,591,206 426.14

2009 840,747 (1,598,541) 92,202 4,774,483 426.14

2010 727,492 1,805,179 87,841 4,459,174 426.14

2011 1,394,916 - 89,417 4,788,960 426.14

2012 837,851 507,974 84,749 4,521,410 426.14

2013 1,156,172 577,004 82,897 4,692,259 426.14

2014 1,036,451 (731,894) 77,620 4,882,077 426.14

2015 1,295,835 (575,650) 76,974 5,180,360 431.64

2016 1,182,416 (1,323,160) 77,779 5,447,001 431.64

(1) As defined, one operation is one takeoff or landing.

*Change in net assets has been restated in 2007 for depreciation of infrastructure capital assets.

Data Source

Airport's internal records


MISCELLANEOUS STATISTICAL DATA


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U.S. Customs

Fiscal Arrival

Year Single Twin Propeller Fan/Jet Helicopter Total Clearances

2007 204 32 8 55 2 301 448

2008 189 31 6 70 4 300 541

2009 177 22 6 89 3 297 506

2010 161 20 3 62 0 246 436

2011 171 19 3 57 0 250 489

2012 161 18 11 55 2 247 513

2013 155 20 13 66 3 257 463

2014 127 15 18 65 4 229 513

2015 112 21 12 72 3 220 493

2016 112 21 21 80 3 237 473

Data Source

Airport's internal record

Piston Turbine


SCHEDULE OF BASED AIRCRAFT TYPES AND U.S. CUSTOMS ARRIVAL CLEARANCES

2007 to Present

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Comprehensive Annual Financial ReportOctober 2015 Accountant Jason Griffith January 2012 Operations...

Documents

Transcript of Comprehensive Annual Financial ReportOctober 2015 Accountant Jason Griffith January 2012 Operations...